Intellectual property refers to creations of the mind: inventions; literary and artistic works; and symbols, names and images used in commerce.Intellectual property is divided into two categories: Industrial Propertyincludes patents for inventions, trademarks, industrial designs and geographical indications.
Intellectual Property is the Property, which has been created by exercise of Intellectual Faculty. It is the result of persons Intellectual Activities. Thus Intellectual Property refers to creation of mind such as inventions, designs for industrial articles, literary, artistic work, symbols which are ultimately used in commerce.
Intellectual Property rights allow the creators or owners to have the benefits from their works when these are exploited commercially. These rights are statutory rights governed in accordance with the provisions of corresponding legislations. Intellectual Property rights reward creativity & human endeavor which fuel the progress of humankind.
The intellectual property is classified into seven categories –
- Industrial Design
- Trade Marks
- Geographical Indications
- Lay out designs of integrated circuits
- Protection of undisclosed information/Trade Secret according to TRIPs agreements.